Tina Smith: “America will soon be facing a new and serious retirement challenge. Americans are living longer. Yet, recent economic…”

“America will soon be facing a new and serious retirement challenge. Americans are living longer. Yet, recent economic and demographic shifts will put the retirement security of many retirees at risk. Current projections regarding the solvency of the Social Security program are not favorable. And, with 77 million baby boomers set to begin retiring in 2008, the number of retirees in the Social Security program is expected to double. In addition, fewer retirees in the future will be able to depend on monthly pension checks that many employers once paid. A growing number of retirees will be facing the difficult challenge of managing their own savings. In response to these trends, I am offering legislation aimed at assisting Americans maintain their financial independence and their standard of living throughout their retirement by making it easier for them to secure a steady income for life. Under the Retirement Security for Life Act that Senator Conrad and I are introducing today, a tax incentive would be enacted that encourages retirees to provide themselves with a guaranteed lifetime income.”